the in the borrowing the banks are doing of at the federal reserve the discount window, borrowing the borrowing against their new credit facility, the bank turned funding facility. you can see it in the borrowing from the federal home loan bank system. you can see it in the borrowing that central banks with the fed, so the system is obviously under a lot of stress. and uh, i think investors are just really nervous about you know what s the next shoe to fall here? if any so if we see these, you know big global banks at risk smaller regional banks in the us, they still aren t in the clear what? what isn t at risk and how worried should people be? i don t think it should be worried. i look, i think the system is in good shape. you know, if you look at the amount of capitalist system has its the cash cushion, banks have to digest any losses on their securities or on their loans. if you look at their liquidity, and of course you ve got the government backstop. you know, the fed the f d i c
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capitalist system, you have to have competition. you can t have too much consolidation, something that unfortunately for this country, as an ode to taylor swift, i will say, we know all too well. massive just that ticket master look in the mirror and say, i m the problem. it s me. i think it s a nightmare dress like a daydream. i don t think we ve got to go there. a few million taylor swift fans would respond, this is why we can t have nice things. karma is relaxing thought, aren t you envious that for you it s not. that s all i ve got to say, thank you. senators, extremely cringey messages to ticketmaster today. look what you made me do. really corny jokes aside, the companies taylor swift presale debacle jury so much attention that it reignited monopoly
exactly. i think that this is very telling, because it s not a lot of people say america has always been the world s dominant and great capitalist system. so it will always have the world s largest stock market. true. and so that number was 45%, never this high. so the american stock market, in a way relative to the rest of the world, has never been this expensive. ruchir sharma, a pleasure to have you on. thanks, fareed. next on gps, when china lifted its draconian covid restrictions, it unleashed a wave of disease across the country. but what does china s reopening mean for the rest of the world? i ll explain when we come back.